Monetary Policy Statement by Shaktikanta Das, Governor of the Reserve Bank of India (RBI)

Synopsis: Reserve Bank Governor Shaktikanta Das will announce the bi-monthly policy on Thursday, February 8. The announcement is expected to maintain a status quo on the key interest rate due to inflation remaining near the upper tolerance level of 6%. Although retail inflation has declined since reaching a peak of 7.44% in July 2023, it remains high at 5.69% in December 2023. Experts anticipate that the central bank will not change the repo rate for the sixth time in a row, which currently stands at 6.5%, mainly due to concerns over inflation. The government has mandated the central bank to ensure that the retail inflation based on the Consumer Price Index (CPI) remains at 4%, with a margin of 2% on either side. The MPC, led by Governor Das, is responsible for deciding the policy repo rate to achieve the inflation target while keeping in mind the objective of growth.

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